Trump to cause Switzerland some drug problems
13 November 2024
Tariffs on European exports to the US are expected to rise significantly with Donald Trump returning to the White House, as we elaborated on in today's longform. One sector that has to particularly worry is the pharmaceutical industry in Switzerland.
Although the US is the world's largest pharmaceutical trader, Switzerland ranks third with a turnover of $8.1 billion in 2023, just behind China. The US, however, is Switzerland's biggest customer, with exports estimated at around $2.2 billion.
The tariffs' impact on the global pharma industry is likely to hit another European pharma hub hard, too – Denmark. The Scandinavian country has made significant strides in the pharmaceutical industry, with Danish company Novo Nordisk behind the popular diabetes turned to weight-loss drugs, Ozempic and Wegovy. The Danish pharmaceutical market is estimated to be worth around $2.8 billion in 2024, which still puts Denmark well behind Switzerland. Nevertheless, the market is enormously important for the country, as are its pharmaceutical exports. Switzerland and Denmark are examples of how the increasing tariffs imposed by Donald Trump will be a challenge for Europe as a whole.
 | Ariela Dürrenberger Many of my friends and family work in the pharmaceutical industry, which is quite common in Switzerland. Every 100th person in the Swiss labour market is employed in this sector, especially in Basel, the country's pharmaceutical hub. Since the 19th century, the pharma industry in Basel has grown significantly, contributing substantial tax revenues to the city. The new obstacles to transatlantic trade could put pressure on the Swiss Federal Council to negotiate better trade agreements with the EU (which Switzerland has repeatedly failed to accomplish for years) in order to prevent the industry's decline. |
Welcome to The European Correspondent
Europe lacks true European media: in Germany alone, there are more media devoted exclusively to football than news outlets specialising on Europe. The established players mainly focus on Brussels and European institutions. The European Correspondent aims to change that. We cover the whole of Europe and write for a community of citizens who want to look beyond their own national borders. Without European journalism, there is no European civil society.
〉Read our manifesto
〉The stories we would like to write for you
Become a donor!
The European Correspondent is fully funded by its readers. We can only produce the newsletter with your support - and work towards the bigger project: building true European media. Donate now!
With your help, we can create true European journalism. Thank you!
We are non-profit. Every donated € goes directly into The European Correspondent.